Canada?s Apolo Gold arranges financing for Lampung gold project

Canadian junior mineral explorer Apolo Gold Inc. announced on Friday that it had arranged necessary first stage financing for its project known as the Napal Gold Project in Lampung province, Sumatra, Indonesia.

The company said the financing would allow the company to complete property payments due over the next four months and also permit the company to commence its exploration program on this 734-hectare site.

To date, the company has identified eight parallel mineralized gold and silver veins traced on the surface.

Previous trenches, shafts and drifts have been cleaned up and are ready for sampling by the company to confirm previous assay results. Detailed mapping of the area will be undertaken, followed later in the season by a diamond drilling program on some targets to determine if mineralization persists below a known depth of 100 feet, said the company.

The company said personnel had been on the site over the past six weeks and additional personnel will be on site next week to initiate the next stage of exploration.

Apolo Gold acquired Napal Gold project in April this year. (alex)